Key Takeaways
- • iMGP and DBi launched the iMGP DBi Absolute Return ETF (DBAR) on September 30, 2026, combining 100% exposure to DBi's managed futures strategy with 30% exposure to U.S. equities in a single actively managed ETF structure.
- • DBAR's managed futures sleeve replicates the strategy underlying DBMF, the world's largest managed futures ETF with over $5 billion in AUM as of September 18, 2026, which returned +23.07% in 2022 when equities and bonds both declined significantly.
- • The fund's dual-sleeve architecture allows investors to maintain full managed futures exposure while capturing U.S. equity upside, addressing the historical underperformance of standalone managed futures allocations during strong equity market rallies.
- • DBAR's managed futures component uses a multifactor hedge fund replication model across ten highly liquid futures markets in four asset classes, rebalanced weekly, targeting diversification benefits that have historically provided near-zero correlation to U.S. equities over two decades.
Summary
iMGP and DBi announced the launch of the iMGP DBi Absolute Return ETF (DBAR) on September 30, 2026, positioning the fund as a solution to a persistent challenge in managed futures investing: the strategy's tendency to underperform during sustained equity bull markets. DBAR combines full exposure to DBi's managed futures strategy with a 30% allocation to U.S. equities, allowing investors to retain diversification benefits while capturing equity market gains in a single actively managed vehicle.
The managed futures component replicates the same hedge fund replication strategy employed by DBMF, the world's largest managed futures ETF, which crossed the $5 billion AUM milestone on September 18, 2026. This implementation uses a multifactor model designed to replicate pre-fee returns of leading commodity trading advisors, executing trades across ten highly liquid futures contracts spanning four asset classes on a weekly rebalancing schedule. Managed futures, also known as trend following, has demonstrated historical resilience during market dislocations: in 2022, DBMF returned +23.07% while the S&P 500 Index declined 18.11% and the Bloomberg US Aggregate Bond Index fell 13.01%. Over more than two decades, managed futures have exhibited approximately zero correlation and beta to U.S. equities.
The fund's structure addresses a critical investor pain point: the performance drag of standalone managed futures allocations during extended equity rallies, which historically prompts redemptions and allocation reductions. By stacking a 30% equity sleeve on top of full managed futures exposure rather than blending the two strategies, DBAR preserves the diversification characteristics of the trend-following component while providing upside participation in equity markets. This design is intended to improve investor retention and make the managed futures allocation more sustainable as a long-term portfolio holding across varying market regimes.
## DETAILED SUMMARY
The managed futures component replicates the same hedge fund replication strategy employed by DBMF, the world's largest managed futures ETF, which crossed the $5 billion AUM milestone on September 18, 2026. This implementation uses a multifactor model designed to replicate pre-fee returns of leading commodity trading advisors, executing trades across ten highly liquid futures contracts spanning four asset classes on a weekly rebalancing schedule. Managed futures, also known as trend following, has demonstrated historical resilience during market dislocations: in 2022, DBMF returned +23.07% while the S&P 500 Index declined 18.11% and the Bloomberg US Aggregate Bond Index fell 13.01%. Over more than two decades, managed futures have exhibited approximately zero correlation and beta to U.S. equities.
The fund's structure addresses a critical investor pain point: the performance drag of standalone managed futures allocations during extended equity rallies, which historically prompts redemptions and allocation reductions. By stacking a 30% equity sleeve on top of full managed futures exposure rather than blending the two strategies, DBAR preserves the diversification characteristics of the trend-following component while providing upside participation in equity markets. This design is intended to improve investor retention and make the managed futures allocation more sustainable as a long-term portfolio holding across varying market regimes.
## DETAILED SUMMARY
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